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    Brent Crude Crosses $100 Mark Following US Embargo on Iranian Trade Vessels

    Oliver DaleBy Oliver DaleApril 13, 2026
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    Contents:

    Toggle
    • Key Highlights
    • Global Hunt for Available Crude
    • Beijing’s Position

    Key Highlights

    • Brent crude climbed more than 9% to approximately $104 per barrel following Washington’s declaration of a naval embargo targeting Iranian trade vessels
    • The embargo announcement came after weekend diplomatic negotiations between Washington and Tehran in Pakistan ended without agreement
    • Tehran declared the embargo unacceptable and announced it would cease participating in nuclear discussions with Washington
    • Transit through the Strait has remained severely restricted since military operations against Iran commenced in late February
    • OPEC issued warnings about lasting supply disruptions resulting from damage to energy infrastructure across the Middle East

    Oil prices experienced significant gains on Monday following the US military’s declaration of a naval embargo targeting all commercial vessels conducting trade with Iran, pushing Brent crude past the $100 per barrel threshold for the first time in several months.

    Brent futures climbed as high as 9.1% to approximately $104 per barrel. European natural gas contracts surged nearly 18% during peak trading. US crude similarly advanced more than 7%.

    Brent Crude Oil Last Day Financ (BZ=F)
    Brent Crude Oil Last Day Financ (BZ=F)

    The embargo targets all commercial ships departing from or arriving at Iranian ports. Vessels simply transiting through the Strait of Hormuz without engaging in Iranian trade remain exempt from these restrictions.

    US Central Command announced that enforcement operations would commence at 10 a.m. New York time on Monday. This declaration followed the breakdown of diplomatic discussions between Washington and Tehran held in Islamabad during the weekend.

    BREAKING: President Trump is looking at resuming "limited military strikes" in Iran in addition to the US blockade of the Strait of Hormuz, per WSJ.

    Details include:

    1. Trump could also resume a full-fledged bombing campaign, though officials said that was less likely

    2. Trump…

    — The Kobeissi Letter (@KobeissiLetter) April 12, 2026

    Vice President JD Vance headed the US negotiating team and departed Pakistan early Sunday morning after 21 hours of intensive discussions produced no breakthrough. Major points of contention included Tehran’s nuclear development program, restoration of Hormuz shipping access, and Iranian backing of regional militant organizations including Hezbollah.

    Tehran characterized Washington’s demands as “excessive.” Officials in Iran announced they would discontinue nuclear negotiations. Trump stated to journalists: “I don’t care if they come back or not.”

    Mohsen Rezaee, Iran’s military adviser to the supreme leader, declared Iran “will not allow” the US embargo and possessed countermeasures to resist it.

    The Strait of Hormuz has experienced severely limited traffic since military strikes against Iran by US and Israeli forces commenced in late February. Iranian authorities had imposed transit fees on certain vessels and maintained traffic at minimal levels compared to pre-conflict conditions, effectively cutting approximately 20% of the world’s oil supply.

    Global Hunt for Available Crude

    Refineries and commodity traders worldwide are racing to secure immediately accessible crude shipments as physical oil availability continues to tighten.

    Market observers suggest prices may climb even higher. Jorge Montepeque of Onyx Capital Group stated on Bloomberg TV that current pricing fails to reflect actual risk levels. “It really makes no sense — it should be $140, $150,” he commented.

    On Monday morning, two petroleum tankers made attempts to leave the Gulf via the Strait by navigating waters close to Iran’s coastline — marking the first vessels to make such attempts since the embargo announcement.

    Beijing’s Position

    Iran continued exporting crude oil and condensate from the Persian Gulf throughout March, with China receiving the largest volumes. Several tankers carrying petroleum destined for Chinese ports now find themselves affected by the embargo measures.

    Former US Ambassador to Saudi Arabia Michael Ratney expressed concerns about potential confrontations if US Navy vessels attempt to intercept those ships, cautioning about possible escalation in US-China diplomatic tensions.

    The Wall Street Journal reported that Middle Eastern governments were working to facilitate renewed ceasefire negotiations between Washington and Tehran in upcoming days.

    OPEC is scheduled to release its monthly market assessment later Monday.

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    Oliver Dale
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    Editor-in-Chief of Computing.net and founder of Kooc Media, A UK-Based Online Media Company. Believer in Open-Source Software, Blockchain Technology & a Free and Fair Internet for all. His writing has been quoted by Nasdaq, Dow Jones, Investopedia, The New Yorker, Forbes, Techcrunch & More. Contact Oliver@blockonomi.com

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